2016 Apr. 20 Purchased $36,500 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual inventory system May 19 Replaced the April 20 account payable to Locust with a 90-day, $35,000 note bearing 8% annual interest along with paying $1,500 in cash. July 8 Borrowed $57,000 cash from NBR Bank by signing a 120-day, 11% interest-bearing note with a face value of 557,000. Paid the amount due on the note to Locust at the maturity date. Paid the amount due on the note to NBR Bank at the maturity date. Nov. 28 Borrowed $36,000 cash from Fargo Bank by signing a 60-day, 8% interest-bearing note with a face value of $36,000. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. 2017 Paid the amount due on the note to Fargo Bank at the maturity date. Problem 11-1A Part 5 51 Prepare journal entries for all the preceding transactions and events for 2016. (Do not round your intermediate calculations.) View transaction list Journal entry worksheet 1 2 3 4 5 6 7 Purchased $36,500 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual Inventory system. Note: Enter debits before credits General Journal Debilt Credit Date Apr 20, 2016 Journal entry worksheet Replaced the April 20 account payable to Locust with a 90-day, $35,000 note bearing 8% annual interest along with paying $1,500 in cash. Note: Enter debits before credits. General Journal Debit Credit Date May 19, 2016 Record entry Clear entry View general journal Journal entry worksheet Paid the amount due on the note to Locust at the maturity date. Note: Enter debits before credits. Date General Journal Debit Credit Aug 17, 2016 Record entry Clear entry View general journal Journal entry worksheet Borrowed $36,000 cash from Fargo Bank by signing a 60-day, 8% interest- bearing note with a face value of $36,000. Note: Enter debits before credits. General Journal Date Nov 28, 2016 Debit Credit Record entry Clear entry View general journal Journal entry worksheet